The Trader

Big and Quick and Headlong

The fast-moving, upbeat, year-end stock market is a marvel. But will it maintain its momentum deep into 2014?

Though many Wall Street participants took a holiday hiatus, stocks still managed a string of record closes and a win last week. Prices eased slightly on Friday, but the major indexes gained over 1% in a short trading week.

Prior to Friday, the stock market had closed at all-time highs for six consecutive sessions. There were few players on the scene, low volumes, little in the way of economic data, and corporate...